Don't be surprised if employees are smiling a bit more after their first paychecks of 2024 come in. Many workers will see a bump in their take-home pay as a result of revised IRS tax brackets. The Service raised limits…
Payroll
Upwards of 10 million workers will see a bump in their paychecks in 2024. Twenty-two states hiked their minimum wage rates to help low-income employees make ends meet. The most generous state is Hawaii. The Aloha State is increasing its…
The Secure 2.0 Act of 2022 brought big retirement plan changes. But in spots, the wording wasn't clear, leading to uncertainty among plan sponsors and others. So, Congress is in the process of making some technical corrections. After first sending…
The 2024 tables for federal income tax withholding are now available, IRS said during a recent Payroll Industry Call. The Service posted the draft version of Publication 15-T, Federal Income Tax Withholding Methods, on November 20, 2023, and included the…
How much will employers have to pay for any penalties related to tax year 2023 forms, including W-2s and other information returns? We’ll review those numbers and also take a look at the numbers IRS recently released for tax year…
IRS released regs at the end of November, leaving retirement plan sponsors with just over a month to get their 401(k) plans up to speed. The regs pertain to long-term part-time employees’ eligibility to participate in 401(k) plans – starting…
As you're prepping to file Forms W-2 or Forms 1099 for TY 2023, you know it's tough to avoid all errors. So, it helps to be prepared to file corrections, too. By way of reminder, the deadline for submitting Forms…
If a poll of attendees of a recent IOFM webinar is any indication, it's going to be a very busy Form 1099 reporting season in 2024 for your team. More than half (57%) of the respondents expected to file at…
The standard for determining who’s a joint employer has changed, due to a final rule from the National Labor Relations Board (NLRB). The current NLRB rule, put in place in 2020 under the Trump administration, says that businesses will be…
Confirming when federal legal and banking holidays will occur in 2024 can help you avoid surprises on paydays, tax deposit due dates and reporting deadlines. Of course, state and local dates are key, too. Finally, adding employer-provided paid holidays into…
Because of the American Rescue Plan of 2021, more companies and gig workers will be receiving Form 1099-K, Payment Card and Third Party Network Transactions, starting with tax year 2023. If you received gross payment transactions totaling more than $600…
The cost of being a federal contractor is going up for 2024 due to a minimum wage increase. There's legal pushback in some parts of the country, though. The Department of Labor (DOL) released two notices on September 28, 2023,…
